Here’s your fast, fact‑checked brief on what matters before the bell in the U.S. today (Thursday, Nov. 6, 2025).
1) Overnight & pre‑market snapshot
- U.S. equity futures are mixed to slightly softer early Thursday as investors digest a powerful rebound in Asia, a softer open in Europe and a heavy U.S. data/earnings slate. Asian benchmarks bounced after stronger‑than‑expected U.S. services and private‑payrolls data soothed valuation jitters; Japan’s Nikkei rose and Korea’s Kospi gained, though Nasdaq/S&P 500 futures edged lower in early dealing. Treasury yields are firmer and the dollar is holding near recent highs, while oil and gold tick modestly higher. 1
- In Europe, the STOXX 600 dipped in early trade as investors parsed a mixed batch of corporate results; individual movers included Legrand (lower) and Adecco (higher). 2
- Wednesday’s U.S. session ended higher, but tech valuation angst and the AI trade remain the dominant macro story line this week. 3
2) Today’s U.S. economic calendar (all times ET)
- 8:30 a.m. – Weekly initial jobless claims (week ended Nov. 1). (Labor Department release.) 4
- 8:30 a.m. – Q3 Productivity & Unit Labor Costs (prelim). (BLS release.) 5
- 10:00 a.m. – Wholesale inventories (Sept.). 6
- 11:00 a.m. – Fed speakers: New York Fed President John Williams delivers prepared remarks (closely watched for policy cues). 7
Why it matters: Claims set the tone for labor‑market momentum; productivity and labor‑costs feed the inflation outlook that informs the Fed’s rate‑cut path into year‑end. 8
3) Earnings to watch
Before the open / morning:
- Moderna (MRNA) – Q3 results and 8:00 a.m. ET call. 9
- Planet Fitness (PLNT) – Q3 results pre‑market; call at 8:00 a.m. ET. 10
- Warner Bros. Discovery (WBD) – Q3 results before market open. 11
- AstraZeneca (AZN) – global bellwether reports this morning. 12
- ConocoPhillips (COP) – earnings today; investor call at 12:00 p.m. ET. 13
After the close / evening:
- Airbnb (ABNB) – Q3 results after the bell; shareholder letter on IR site. 14
- DraftKings (DKNG) – Q3 results after the close; company flagged call timing for Friday. 15
- The Trade Desk (TTD), Take‑Two (TTWO) and several other growth names also report tonight. 16
4) Stocks on the move before the bell
- Qualcomm (QCOM) – Beat & upbeat guide, but shares dip pre‑market on expense concerns and rich valuations. 17
- Arm (ARM) – Higher pre‑market after results and outlook topped expectations. 17
- AppLovin (APP) – Up pre‑market on a strong Q3 and raised Q4 revenue view. 17
- Snap (SNAP) – Jumps after narrowing losses and an AI partnership update. 17
- DoorDash (DASH), Duolingo (DUOL) and e.l.f. Beauty (ELF) – Lower pre‑market on guidance and margin worries. 17
- Tesla (TSLA) – Edges up ahead of its high‑profile annual meeting and CEO pay vote (details below). 17
5) Big storylines shaping sentiment today
Supreme Court scrutiny of Trump‑era tariff powers
Justices signaled skepticism in Wednesday’s arguments over whether the International Emergency Economic Powers Act (IEEPA) lets a president unilaterally impose sweeping tariffs. A ruling against the administration could inject fresh trade uncertainty into the outlook; officials have signaled they’d seek alternative legal avenues to keep some levies in place. Markets are watching because these tariffs affect costs and corporate guidance across sectors. 18
Tesla’s shareholder vote on Elon Musk’s compensation
Tesla’s annual meeting is today, Nov. 6 (3:00 p.m. CT), with shareholders set to vote on a proposed record‑setting compensation package for CEO Elon Musk. Major holders are split, and headlines around the vote could sway broader mega‑cap sentiment. 19
AI leadership… and valuation hangover
The AI trade remains the market’s backbone, but this week’s wobble has underscored how concentrated performance has become. Watch for secondary effects in suppliers, cloud, and advertising platforms as companies guide through Q4. 20
6) What to watch at the open
- Labor costs vs. productivity: If unit labor costs cool while productivity holds up, the disinflation narrative strengthens—typically constructive for duration and growth multiples. (8:30 a.m. ET.) 5
- Weekly claims trend: A move away from the ~200–230k channel would be notable for rate‑cut odds into December/January. (8:30 a.m. ET.) 4
- Rates & the dollar: A firm 10‑year and a strong dollar can pressure long‑duration tech; a pullback eases the path for a bounce. 1
- Fed speak: Williams’ mid‑day remarks could nudge front‑end rate expectations and the curve. (11:00 a.m. ET.) 7
- Tonight’s earnings gauntlet:ABNB, DKNG, TTD, TTWO—key reads on travel/leisure spend, sports betting unit economics, digital ad budgets and holiday gaming slates. 14
7) Quick pre‑market checklist
- Futures & yields: Mildly risk‑off to flat; keep an eye on NQ/ES vs. the 10‑year into 8:30 a.m. data. 1
- Europe tone: Slightly weaker open; U.S. can decouple if claims/labor‑costs cooperate. 2
- Single‑stock catalysts:QCOM/ARM/APP/SNAP reactions, TSLA headlines, MRNA/PLNT/WBD/COP calls. 17
- Policy/legal watch:SCOTUS tariffs—follow‑through commentary may hit multinationals and import‑heavy retailers/industrials. 18
Bottom line
It’s a data‑and‑headlines day: labor costs and claims at 8:30 a.m. will set the macro tone, while Tesla’s pay vote and tonight’s earnings (Airbnb, DraftKings, The Trade Desk, Take‑Two) steer sector flows into the close. Stay nimble around 8:30 a.m. and 11:00 a.m. ET time slots, and watch whether AI‑heavy tech stabilizes after an uneasy week. 20
Note: This brief cites contemporaneous reporting from Reuters, WSJ, Barron’s, Kiplinger and company investor relations pages for time‑stamped accuracy.
